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final salary scheme

Line breaks: final sal¦ary scheme

Definition of final salary scheme in English:

noun

A company pension scheme in which employees' pension payments are calculated according to their length of service and their salary at the time of retirement.
Example sentences
  • However, he has no plans to campaign for MPs to lose their lucrative final salary schemes.
  • Precision engineering firm Renishaw becomes latest firm to close final salary scheme.
  • Occupational pensions were traditionally based on the principle of a final salary scheme.

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